China's Economic Outlook Shines Bright for the Future
In a recent press conference held at the Great Hall of the People in Beijing, Lou Qinjian, spokesperson for the third session of the 14th National People's Congress (NPC), expressed unwavering confidence in China's long-term economic prospects. Highlighting the country's robust performance in 2024, Lou pointed out that China's gross domestic product (GDP) surpassed 130 trillion yuan (over $17.8 trillion), marking a steady 5 percent growth rate.
Resilient Economic Growth Amid Challenges
Despite facing external challenges, China has demonstrated remarkable economic resilience. Lou emphasized that the nation's stable economic foundation, coupled with its abundant advantages and significant potential, are key drivers behind its sustained growth. The Third Plenary Session of the 20th Communist Party of China (CPC) Central Committee, conducted last year, introduced a series of comprehensive reforms and advanced opening-up measures designed to invigorate economic vitality further.
One of the cornerstones of China's economic strength is its ultra-large market size and a complete industrial system, providing solid support for continuous development. As China transitions to new growth drivers, emerging industries are flourishing, thereby reinforcing its long-term economic momentum.
Strengthening the Private Sector with New Legislation
In addition to macroeconomic strategies, China is making significant strides in supporting the private sector. Lou announced progress in the legislation of the Private Economy Promotion Law, with a draft already submitted to the NPC Standing Committee for review.
The proposed law embodies the principles of \"two unwavering commitments\" and promotes \"two healthy developments,\" aiming to create an optimized growth environment for the private economy. This initiative is expected to boost entrepreneurial confidence and encourage further investment and innovation within the sector.
Reference(s):
NPC spokesperson expresses confidence in China's economic prospects
cgtn.com
